Virginia Code 38.2-5509: Supplemental provisions; rules; exemption
A. The provisions of this Act are supplemental to any other provisions of the laws of this Commonwealth, and shall not preclude or limit any other powers or duties of the Commission, the Commissioner of Insurance, or any of the Commission’s employees or agents under such laws, including, but not limited to, the provisions of §§ 38.2-1038 and 38.2-1040, subdivision A 7 of § 38.2-4316, and Chapter 15 (§ 38.2-1500 et seq.) and any regulations issued thereunder.
Terms Used In Virginia Code 38.2-5509
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Commissioner of Insurance: means the administrative or executive officer of the Bureau. See Virginia Code 38.2-100
- Domestic health organization: means a health organization domiciled in this Commonwealth. See Virginia Code 38.2-5501
- Insurer: means an insurance company. See Virginia Code 38.2-100
- Medicare: means the "Health Insurance for the Aged Act" Title XVIII of the Social Security Amendment of 1965, as amended. See Virginia Code 38.2-100
- Property and casualty insurer: means any domestic insurer or foreign insurer which is authorized under any chapter of this title to write any class of insurance except a class of life insurance or annuities, provided that "property and casualty insurer" shall not include monoline mortgage guaranty insurers, financial guaranty insurers and title insurers, nor shall it include any insurer which is required by the Commission to use the NAIC's Health Annual Statement blank when filing the annual statement prescribed by § 38. See Virginia Code 38.2-5501
B. The Commission may adopt reasonable rules necessary for the implementation of this Act.
C. The Commission may exempt from the application of this Act any domestic property and casualty insurer which:
1. Writes direct business only in this Commonwealth;
2. Writes direct annual premiums of $2 million or less; and
3. Assumes no reinsurance in excess of five percent of direct premium written.
D. The Commission may exempt from the application of this Act an insurer organized and operating under the laws of this Commonwealth and licensed pursuant to the provisions of Chapter 25 (§ 38.2-2500 et seq.).
E. The Commission may exempt from the application of this Act a domestic health organization that writes direct business only in this Commonwealth and assumes no reinsurance in excess of five percent of direct premium written, and either (i) writes direct annual premiums of two million dollars or less for comprehensive medical coverages or (ii) is licensed pursuant to Chapter 45 (§ 38.2-4500 et seq.) and covers less than 2,000 lives. As used in this subsection, “comprehensive medical coverages” means contracts providing basic health care services and Medicare and Medicaid risk coverages or policies providing hospital, surgical, major medical, Medicare risk and Medicaid risk coverages. Medicare supplement need not be included and premiums for administrative services shall not be included.